Do you want to know a dirty little secret of economists who give policy advice? When we do so, we are often speaking not just as economic scientists, but also as political philosophers. Our recommendations are based not only on our understanding of how the world works, but also on our judgments about what makes a good society. The necessity of political philosophy arises because most policies are good for some people and bad for others. For example, an increase in the minimum wage, as proposed by President Obama, may raise incomes for some low-wage workers, but it will cause some businesses to make smaller profits, some customers to pay more and some workers to lose their jobs.
Posted on: Sun, 23 Mar 2014 19:50:19 +0000
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